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Monday, February 7, 2011

Live Nation Acquires Rest of Front Line

AND LIBERTY FOR ALL: Live Nation Entertainment has acquired the remaining equity stake in Front Line Management that it did not previously own for $116.2 million in cash and stock formerly held by Irving Azoff and Madison Square Garden. The cash portion of the transaction totaled $56.5 million, while the remaining $59.7 million was paid using newly issued shares of Live Nation common stock. Azoff received 1.8 million shares of common stock and Madison Square Garden 3.9 million. Azoff is now Chairman of the Board, replacing John Malone, who has stepped down, with Liberty Media CEO Greg Maffei joining the board as Chairman of the company’s newly-formed Executive Committee. Liberty has acquired 1.8 million shares of Live Nation common stock for $18.8 million in cash, and agreed to purchase an additional 5.5 million shares for consideration of $57.7 million in cash, subject to receipt of approval of Live Nation’s stockholders. (2/7p)

 
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